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DANIEL GARRAHAN: Welcome to The World in 60 Seconds from FirstFT. The Chinese-led Asian Infrastructure Investment Bank has said it'll increase its membership by 25 countries this year. The bank's president, Jin Liqun, said the expansion would help boost lending by the organisation, which was founded last year in spite of opposition from the US. The bank's growth reinforces China's bid to expand its global role.
President Donald Trump has pulled out of the Trans-Pacific Partnership, the trade pact that was part of Barack Obama's pivot to Asia. Mr. Trump's also threatened to impose a [? bolder ?] tax on American companies that move production overseas and has signalled that he intends to implement the populist anti-trade agenda promised during his campaign.
And Formula One's Bernie Ecclestone has stepped down as chief executive, ending a 40-year reign. The move completes the takeover of the spot by the new US owner Liberty Media. The 86-year-old Mr. Eggleston transformed the amateur motor racing series into a multibillion dollar enterprise. And s more of today's top stories go to ft.com/firstft.